Jay-Z's Lawyers Say SEC Investigation Has Become a 'Celebrity Hunt'

The SEC is investigating the $200 million sale of Jay-Z's Rocawear clothing line to Iconix Brand Group in 2007 and whether Iconix violated federal securities laws. Exactly how long for the deposition, as well as its location, was left to be determined between the parties.

Manhattan U.S. District Judge Paul Gardephe ruled that Jay-Z, whose real name is Shawn Carter, must answer the SEC's questions for a full day and maybe more, the Associated Press reported.

Jay-Z has told federal investigators that he can only testify for one day, otherwise he's too busy preparing for a tour, TMZ is reporting.

This past March meanwhile, Iconix announced a $34 million write down of Rocawear that compounds a $169 million write down from 2016.

A representative on behalf of Jay said in a statement to ABC News, "We are aware that the SEC is seeking information on Iconix's financial reporting".

Iconix, whose brands include Candie's and Joe Boxer, has been under SEC investigation since December 2015 over its accounting practices. That raised some issues with Carter's attorney Alex Spiro, who said that without certain guidelines, the SEC is "overreaching by trying to compel Mr. Carter to testify without reasonable limitation". He's also going to have to explain why he's only planning on testifying for one day, May 11, the only day he's agreed to give them. Carter submitted a declaration with the court, setting forth his rehearsal schedule for his upcoming tour, as well as his worldwide tour start date beginning on June 6 and ending October 4.

"The testimony has been delayed for five months, and I do not intend to tolerate any further delay", Gardephe said.

"Placing a hard time limit on testimony does nothing more than create an incentive to run out the clock", it said. According to Bloomberg, Jay-Z's first SEC subpoena came in November, 2017, which he promptly ignored.

Photo crews in front of 40 Foley Square waiting for Jay Z, who was a no-show.

Share

Related Articles

Further amendments are still possible at that stage: Labour has said a debate on environmental protections is "one to watch". Voting for this cross-party amendment, spearheaded by the Conservative Duke of Wellington, was 311 to 233, majority 78.

If you're unfamiliar with the game, which is now available for PS4, Xbox One , and PC, you can check out our review . Bungie , Vicarious Visions and Activision have announced that Destiny 2 Expansion II: Warmind is now available.

Joey Logano ended a 36-race drought, but most of the field was wrecked by the multi-car accidents throughout the race . Kyle Larson turned a lap of 158.103 miles per hour on Friday to take the pole at Dover International Speedway .

You've got to go down to number 5 on the list of best-selling smartphones in Q1 to find a non-Apple device. The iPhone X also faces stiff competition from other 2018 Apple iPhones like the 8 and 8 Plus .

Reports from French outlet RMC believe that Premier League giants Liverpool have agreed a fee to sign Lyon winger Nabil Fekir . It's clear against Chelsea you have to avoid crosses, but the cross came in and it's hard against Giroud, and that's the goal.

Thankfully, the people standing around the assailant overpowered him before he could fire a second shot at his target. The Punjab government said the suspect was identified as a local 20 to 22-year-old from the Shah Gharib precinct.

If the tests find nothing with the camera, Apple workers are being instructed to give the iPhone X owner a new device . The issues in the internal document have not been made public, and it is unclear whether Apple will issue a statement.

Levine says measles can be highly contagious, but the risk of catching it is minimal if you have been properly immunized. Niagara Falls Urgent Care , 3117 Military Road Suite 2, Niagara Falls, NY on May 1st between 3:00 p.m. and 6:00 p.m.

At this week's meeting, members agreed to review the academy's operating practices, according to a statement released by the body. Swedish Academy member Goran Malmqvist told Sweden's TT news agency that the postponement was "a really good decision".

Facebook To Reject Foreign Ads On Eighth Amendment
The company will soon start requiring political advertisers to be residents in the country where the election is taking place. Though some supported U2's stance on the issue, many pro-life fans said they were "disappointed" with the band.

Liverpool boss Klopp not happy with Salah dive
Morata will be out to impress in what remains a key fixture for the Blues, with their Champions League hopes still in the balance. With his humble personality and tendency not to react to spiky moments in a game, he has earned himself a good reputation.

Windows 10 Now Powers Nearly 700 Million Devices
While primarily focused on its own platforms and services, Microsoft did announce a few tidbits for those in the Apple ecosystem. On Android, the Timeline feature will be integrated within the Microsoft Launcher app to support cross-device app launching.

Celtics nip Sixers for 2-0 lead in Eastern Conference semis
The Celtics wasted no time tying the game in the second half, knotting it up at 58 after two free throws from Terry Rozier . The NBA Eastern Conference semifinals matchup between the Philadelphia 76ers and the Boston Celtics has a lot of history.

Amazon offers to buy 60 pct stake in India's Flipkart
It is likely to involve giving cash exits to some existing Flipkart investors as well, a source close to the matter said. The private company status will further ease the process of one of the biggest deal in Indian e-commerce history.

Guentzel pulls Penguins even with Caps
Dumoulin was back in the lineup to start Game 3 and both teams stressed the need to move forward considering so much is at stake. Given how critical Guentzel's scoring has been, Penguins fans will easily forgive and forget his boneheaded penalties.